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22 December 2008 / by Rebecca Sargent

Insurance giant Norwich Union has announced that it has so far reunited customers with £10million sitting in forgotten policies since the beginning of 2008.

The news follows the insurers' announcement last year of its intentions to return £40million of unclaimed assets to 40,000 customers. The money has been returned with the help of tracing agency, Assets Reunited.

According to Norwich Union, part of the Aviva group, there is often a good reason for fully matured life insurance and pension policies remaining unclaimed, such as a change in address or loss of policy documents.

Commenting, chief operating officer at Norwich Union, Cathryn Riley, said: "We are currently returning over a million pounds a month to our customers – something that we believe is genuinely making a positive difference to people's lives, and that's a brilliant start."

So far, Norwich Union has given good news to 3,500 people with forgotten policies and is in the process of contacting a further 10,000 who will eventually be reunited with a further £25million.

Ms Riley added: "The issue of unclaimed assets affects the whole industry and it's not going to go away on its own. We are taking decisive steps to address the matter and we encourage the rest of the industry to follow our lead."